Training programs retain employees — and grow your bottom line
By Chris Trewin, Allstate Protection Plans/SquareTrade
Price. Selection. Service. Marketing.
There are a handful of things we all know we need to do to stay competitive and grow overall business results. For most, employee training and development is on the list, but it can get lost in the shuffle of competing priorities.
Any experienced retailer knows that your employees are just as important as reliable products and competitive prices when it comes to making your business thrive. After all, employees can make or break a customer’s in-store experience and be the difference between a bad review or a customer for life.
Developing an engaged, productive workforce may seem like a big undertaking, but the truth is there’s something you can easily implement to boost engagement, job satisfaction and your company’s growth: employee training and development.
Here’s why we think retailers should invest in employee engagement and development.
1. Employee Training Can Be an Effective Tool Against Turnover
It’s no secret that employee turnover is a problem in the retail sector, as underscored in a 2022 McKinsey report that estimated overall turnover at around 60%. Retail workers surveyed for the report said the lack of career growth opportunities or chances to learn new skills were the second most common reason they would consider leaving their jobs.
But happy employees don’t look for new jobs. And a proven way to make sure your employees are satisfied in their roles is with ongoing training and development.
A training and development program shows you care about your employees’ career trajectories, that you trust them to help grow the business and that you see value in investing in their ongoing education. (That includes managers, too.)
2. A Training Program Gives You More Chances to Recognize Your Team
Another boost to employees is being recognized. It may sound like a small thing, but think about how good it feels for someone to tell you you’re doing a good job. A training program gives you built-in and authentic opportunities to recognize employees who not only complete their training, but also use that training in their daily job.
3. Employee Training and Development Should Be Part of Your Growth Strategy
One BrandSource dealer we worked with in Texas saw a 34% increase in protection plan penetration rates immediately after our training sessions. That’s a number you can’t argue with. Employees who are informed and confident in their selling technique will sell more. And along with their increased confidence and job satisfaction comes growth for the store.
4. Employee Training with the Backing of a Trusted Brand Makes It Even Easier
At Allstate Protection Plans we’ve seen these positive outcomes play out following training sessions we’ve run both virtually and in-person for BrandSource members. After training, dealers have reported increases of penetration rate dollars, engaged employees and a surge of enthusiasm.
We’ve found that one of the ingredients that makes an employee training program successful is when it’s backed by a brand people trust. That’s where Allstate comes in. When the training comes from a trusted, well-known brand, what follows is also trust in the program and trust in the provider. And that makes it easy to get people to grow and stay engaged.
So, this year consider an employee training program (or two!). A training and development program could be just what your business needs to set itself apart from your competitors.
Chris Trewin is senior director, growth strategy at Allstate Protection Plans/SquareTrade, a provider of extended service programs for appliances, furniture and consumer tech and a valued AVB BrandSource partner. For more information or to arrange for in-store training, visit Squaretrade.com/brandsource or write to allstatedealer@squaretrade.com.
